Tan Caktiong and Sia's DoubleDragon spend most of IPO money to buy land

Gains from the initial public offering of DoubleDragon Properties Corp. early this year were allotted mainly to buy land and pre-development works, the company said Wednesday.

In a disclosure to the Philippine Stock Exchange, the company, which made P1.12 billion in net proceeds from its IPO last April 7, said it disbursed more than P700 million for acquisition of land and pre-development works for near-term development as of end-September.

DoubleDragon spent P303.96 million for the acquisition of land for Dragon8 Shopping Center, P272.7 million for acquisition of land for Dragon8, P97.1 million for capital infusion into Zion Land Development Ph Inc., and P35 million for the downpayment for Skysuites.

The property developer, jointly owned by Jollibee Foods Corp. chairman Tony Tan Caktiong and business partner Edgar “Injap” Sia, said it spent P200 million for the roll-out and development of the first five City Mall Commercial Centers in Roxas City, Cebu City, Zamboanga City, Imus, and Iloilo City.

DoubleDragon allotted P132.54 million for general working capital and disbursed about P62.17 million.

Originally incorporated by Sia as Injap Land Corporation in 2009, the company changed its name to DoubleDragon after it was turned into a joint venture with Tan Caktiong in 2013.

DoubleDragon is the second business venture of Sia and Tan Caktiong after Jollibee Foods bought a 70 percent stake in Mang Inasal for P3 billion in 2010. Sia kept a 30-percent interest in the grilled chicken restaurant chain which he founded. – Kathryn Mae P. Tubadeza/VS, GMA News